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Don't get me wrong, they aren't all selling overnight, but homes in Costa Mesa priced under $700k are generally selling very quickly, usually in about 30 days or less.

Why? Inventory. Inventory. Inventory. There is not enough for sale; home prices are down, so they are more affordable; and interest rates are still in the lower 5% range.

If you are thinking of selling, call me to discuss the market and how to best maximize your potential sale with my unique home preparation methods to squeeze the most $$$ out of your home!!

Colin Delaney

714-743-9882

Colin@verandahomes.com

The hottest section of the current real estate has been the bank owned sales (and short sales), and currently that active inventory, including both foreclosures and short sales, has dropped by 56% since reaching its peak last summer.

Most experts (including this Costa Mesa Realtor) have been expecting the distressed inventory to increase for the past couple of months. But, that has simply has not materialized yet. The distressed inventory (short sales and bank owned homes) dropped again in the past two weeks, bringing the total to 2,616 active in the Orange County market today. That figure now represents 29% of the overall active inventory versus 40% one year ago. It is 3,334 less than the peak of 5,950 on August 7, 2008.

So we have seen a big drop, and that is consistent in the Costa Mesa homes and Costa Mesa real estate market.

The problem right now is that there is tremendous demand for foreclosures, but simply not enough new foreclosures hitting the market. The expected market time currently is .54 months, about two weeks, compared to 1.42 months last year. T

The rumor mill has been giving us reasons for the shortage of foreclosures:

1. Lenders holding back inventory

2. Foreclosure laws changing

3. Many successful short sales prior to foreclosure (lenders more willing to sell than last year)

4. Demand for short sales is now more than twice what it was last year for short sales.  

Clearly the market has changed considerably over the past year for both foreclosures and short sales.

How do the rest of the numbers look? check out my previous posts for Costa Mesa Inventory, it has a great deal to do with what is causing the quick sales in the lower tier of the Costa Mesa real estate andhousing market.

Costa Mesa's inventory has been really challenged this year, and while that might be a surprise to some locals, if you are considering selling, the market is extremely strong for sellers.

The media reports are often skewed towards national inventories, prices, and trends, but Costa Mesa has been very active this year with especially low inventories. Prices are holding - granted you have to price according to what the market will bear- but many homes are seeing all cash offers or multiple offers with highly qualified candidates with good money and credit scores.

I just sold a home at 3248 Idaho Lane in Costa Mesa that received 7 offers over the course of 8 days!! My sellers picked terms that worked for them, and we closed escrow 35 days later!!
Call me at 714-743-9882 if you are curious or would like to talk about the market further.

Cheers!
Colin

Colin@VerandaHomes.com    

Well, I thought I was doing good when we recently had 7 offers on one of my listings. An REO in the Halecrest neighborhood just recently had a total of 68 offers!! It was listed just under $400,000 and probably sold for well above $450,000.

It goes to show you that the Costa Mesa real estate and costa mesa homes for sale inventory is slight; too slight in fact and it is producing this kind of problem. Perhaps this home was listed too low, but it also goes to show you how many people are following the REO and lender-owned housing market right now.

Costa Mesa is a desireable housing market right now, and with low interest rates, it is really starting to become a seller's market again.

If you are looking at Costa Mesa homes for sale, or need help navigating between the various neighborhoods, give me a call at 714-743-9882.

Colin@VerandaHomes.com

Costa Mesa's inventory has been really challenged this year, and while that might be a surprise to some locals, if you are considering selling, the market is extremely strong for sellers.

Consider this chart of July inventory in Costa Mesa as compared to the past year:

The media reports are often skewed towards national inventories, prices, and trends, but Costa Mesa has been very active this year with especially low inventories. Prices are holding - granted you have to price according to what the market will bear- but many homes are seeing all cash offers or multiple offers with highly qualified candidates with good money and credit scores.

I just sold a home at 3248 Idaho Lane in Costa Mesa that received 7 offers over the course of 8 days!! My sellers picked terms that worked for them, and we closed escrow 35 days later!!
Call me at 714-743-9882 if you are curious or would like to talk about the market further.

Cheers!
Colin

colin@verandahomes.com